Shares of biopharmaceutical company MorphoSys dipped after it successfully raised €102.7 million ($111.7 million) in a capital increase. The funds will be used to fast-track the launch of a myelofibrosis drug and support the clinical development of important pipeline programs.
At 1145 GMT on Thursday, MorphoSys shares experienced a 5% decline, currently priced at EUR33.21. However, the stock is still up 34% since last week following the release of positive clinical-trial data for their investigational drug, pelabresib, on Monday.
As part of the capital increase, MorphoSys issued 3.4 million new shares at a price of EUR30 each, which represents a 14% discount compared to Wednesday's closing price of EUR34.96.
A late-stage clinical trial demonstrated that pelabresib, when combined with ruxolitinib, provided significant benefits compared to the placebo and ruxolitinib alone for patients with myelofibrosis, a form of bone marrow cancer. Ruxolitinib is currently the standard of care for this condition.
In addition to preparing for the launch of pelabresib as a first-line treatment for myelofibrosis, MorphoSys aims to advance their key pipeline programs towards regulatory approval and strengthen their financial position.